Comprehensive Insurance
Being involved in an accident can be a worrying time, and you certainly don’t want to add to the stress by discovering that your car insurance excess isn’t quite what you thought. So, we’ve put together a simple guide to help you understand all about excesses when time comes for a claim.
Car insurance excess (or a deductible as some of you may know it) is the amount you’ll need to pay when you make a claim on your Comprehensive Car Insurance. Your total excess could be made up of a compulsory and a voluntary excess. For example, your policy may have a compulsory excess of 3% of the vehicle sum insured, and you may even be able to opt for a voluntary excess (higher deductible than the norm) to bring the premium costs down further.
What’s the difference between voluntary and compulsory insurance excess?
Compulsory excess is set by the insurer. Voluntary excess is the amount that you choose to pay in addition to the compulsory excess. It’s always important to remember that if you do make a claim, you’ll have to pay both the compulsory and voluntary excess.
You can also have an additional compulsory excess on your policy. For example, if you’re a young driver (under the age of 25), some insurers may hit on additional young driver excess, as insurance providers consider young drivers to be a high risk. You might also have an additional compulsory excess if you drive a luxury or high-performance vehicle.
Also, some insurers may impose larger compulsory excesses where the policy is “open cover”, meaning anyone may drive the car with your consent so long as they’re not a young driver. So, if you know it’s just you driving your car, or a spouse, it’s always good to take out a “named driver policy” to guarantee a lower excess on your car insurance policy.
Should I increase my voluntary excess?
Sounds great right… get a lower premium for a higher excess? Not really. Even if you think you’re a safe driver with a low risk of having an accident, and choose a high voluntary excess to reduce your Comprehensive Car Insurance premiums, this could end up being a disaster for you in the event of an accident if you don’t have the spare money to spend. With a voluntary excess, what may likely happen is what you will need to pay out for the repair out of your own pocket before the insurers get involved, and any minor accident you can almost guarantee will be your responsibility.
Deductibles applied to cracked windscreen?
Damaged or cracked windscreens are more likely occurrences than collision accidents, and luckily several T&T insurers don’t apply any deductible to replace windscreen glass nor does this affect your safe driver discount. So, when choosing a policy, you just need to ensure you have a realistic limit (coverage amount) for the type of car you drive.
Insurers offer different standard coverage amounts for windscreen, but you can always increase this for a small premium increase.
Do I still pay car insurance excess if the accident wasn’t my fault?
Yes, but you can claim back your excess from the insurer provider of the person who was at fault. But, making a claim may mean that your insurer will consider you to be a higher risk and you could have an additional compulsory excess when you renew your Comprehensive Car Insurance policy.
Also, some insurers offer “waiver excess” options on Insurance policies, meaning if you have been driving claims free for a long period of time, your own damage excess fee will be waived for the first claim under your policy, no matter if the fault is yours or the third party driver. So, there are even instances that the 3% or 5% excess can be fully removed on your policy.
How can I find car insurance to suit me?
Not sure where to start, then don’t worry. Shyft.tt compares T&T’s most trusted car insurance providers to help you find the right car insurance deal for you. Shyft.tt shows you policies based on price, policy cover level, optional add-ons and annual premiums – helping you compare policies based on your specific needs.
